Mexivada Gold Jackpot, Nevada, and ROC Congo Project Updates
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/07/11 -- Mexivada Mining Corp. (TSX VENTURE: MNV)(OTCBB: MXVDF)(FRANKFURT: M2Q) is pleased to report major progress on its flagship Gold Jackpot, Nevada gold-silver-tellurium property and on its ROC Congo gold property, where alluvial gold mining operations are projected to start up in the 3rd Quarter of 2011, putting Mexivada into the camp of small gold mine producers. Both properties also are interpreted to have multi-million ounce lode gold potential. Gold Jackpot is located on the Pequop Gold Trend, situated 70 kilometres north of Fronteer Gold's Long Canyon property that is being purchased by Newmont.
Gold Jackpot Au-Ag-Te-Cu Property, Pequop Trend:
Mexivada controls the large Gold Jackpot gold-silver-tellurium-copper property, located 70 Km north Of Fronteer Development's Long Canyon-West Pequop project area that is being purchased by Newmont. Third party consultants have been conducting renewed surface rock sampling at Gold Jackpot, with the discovery of a new area of high grade tellurium mineralization with samples containing up to 3.48 Kilograms per tonne of tellurium with associated gold. A large third-party Nevada gold mining company assayed a sample from Gold Jackpot that contained more than 16 grams per tonne gold at the surface here. Widely dispersed copper in the target area suggests the possibility for an early phase copper 'porphyry' system here at depth, perhaps cut by a later Emperor-Vatakuolo-type epithermal gold-silver-tellurium system. Emperor contains more than 10,000,000 ounces of gold and similar tellurium grades as are found at Gold Jackpot. Mexivada plans to finish geological mapping of the property soon, then conduct gravity and ground magnetic surveys over the target areas this Spring or summer. Mexivada also is pleased to report that Mexivada was dismissed from a lawsuit to which Mexivada was enjoined, affecting the Gold Jackpot claims.
Mexivada - Zamarat ROC Congo Alluvial Gold Mining Project Update
Zamarat Mining Plc of London, UK and Paris, France (www.zamaratmining.com), has assumed operatorship of Mexivada's Republic of Congo (Brazzaville; 'ROC') gold and diamond properties, and is moving aggressively forward with a plan to develop an alluvial gold mine on the property during 2011. Zamarat will apply for a mining license early this year, and prepare an environmental impact statement for April, and the parties hope to receive an alluvial mining permit from the ROC government by June or July, 2011, and begin alluvial mining perhaps by September of this year. Mexivada initially will earn 10% of the mining production proceeds under the terms of the agreement between the parties, elevating Mexivada into the ranks of small producer gold companies.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard R. Redfern, President
This news release includes certain 'forward looking statements'. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause Mexivada's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the worldwide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability, and the uncertainty of access to additional capital.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
Contacts:
Mexivada Mining Corp.
Investor Relations
604-568-7726 or 1-866-922-6774
info@mexivada.com
www.mexivada.com